The real losers were the Liberals who lost over 100 seats and more than a million votes. The real significance of the 1924 election was that it changed the political landscape from a Conservative- Liberal spectrum to a Conservative-Labour spectrum. One Labour MP at the time said he had never "seen MacDonald put in so sure a stroke" in dishing the Liberals.
Why the Government should be wasting money sending an historian and interpreter to Moscow to try to verify the authenticity or otherwise of the Zinoviev letter is a mystery. Our taxes could be spent more wisely.